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Logistics
ƒ Container volumes to report healthy growth
Overall volumes at 12 major ports during April-November 2010 have
registered 0.8% YoY increase at 365.9 million tonnes (MT) while
container volumes have increased by 12.3% to 5.0 million TEUs.
Going forward, the trend of outperformance of container volumes
vis-à-vis overall port volumes is expected to continue. In Q3FY11E,
we expect container volumes to increase ~11.9% YoY to ~1.9
million TEUs.
ƒ EBITDA margins to decline YoY and remain flat QoQ
We expect the EBITDA for the I-direct coverage universe to increase
10.7% YoY and 1.2% QoQ to | 479.2 crore mainly on account of
higher volumes and improved realisations. EBITDA margins are
expected to decline 130 bps YoY to 20.1% primarily on account of
higher operating costs. We expect the PAT for the ICICIdirect.com
coverage universe to increase 10.3% YoY to | 310.9 crore.
Allcargo
Global
Logistics
We expect 32.1% YoY growth in revenue on the back of healthy performance
anticipated from ECU line. ECU line has reported good volume growth over the last
couple of quarters. EBITDA margins are expected increase 170 bps YoY to 11.2%.
PAT is expected to increase sharply by 68.9% due to lower base effect.
Container
Corporation
We expect volume growth of 4.4% QoQ in the Exim segment and 5% QoQ in the
domestic segment. However, realisations are expected to remain flat QoQ. As a
result, revenues are expected to increase 4% QoQ. EBITDA margins are expected to
decline 190 bps QoQ to 25.8% due to higher operating cost
Gateway
Distriparks
We expect 24.9% YoY revenue growth on the back of better volumes & higher
realisations. We expect volume growth of 10% YoY in the CFS segment and 11% YoY
in rail segment. Realisations are expected to improve 4% YoY in CFS and 16% in rail
segment. EBITDA margins are likely to improve 100 bps to 26%
Sanghvi
Movers
Due to an improved demand scenario from key user industry segments, capacity
utilisation levels during Q3FY11 are expected to be higher YoY at ~ 80%. EBITDA
margins are likely to decline 160 bps YoY to 74.0% on account of a marginal increase
in fuel costs
Transport
Corporation
We expect TCI to report a 13.6% YoY increase in revenue mainly on the back of
healthy contribution from the supply chain and XPS division. EBIDTA margins are
expected to remain flat QoQ to 8.0%
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